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The Insurance Industry in Trinidad & Tobago, Key Trends and Opportunities to 2017

Trinidad & Tobago insurance market: Penetration growth of almost 4% during 2012


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2014-03-31 14:05:03 - The Insurance Industry in Trinidad & Tobago, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

Trinidad and Tobago is among the largest economies in the Caribbean with GDP per capita of US$19,018 at the end of 2012. The main growth driver behind the nation´s growth is the abundance of oil and natural gas resources. Despite weak economic growth, Trinidad and Tobago´s insurance industry registered a CAGR of 5.8% during the review period. Stable demand in both the life and non-life insurance segments supported industry growth.

The industry´s penetration rate increased from 2.9% in 2008 to 3.9% in 2012. The liberal market economy allows insurance companies to establish operations in the country without being exposed to stringent regulations. There were seven life insurers, sixteen non-life insurers and eight composite insurers operating in the industry in 2012. The

 

 

island´s insurance industry is dominated by the non-life segment, which accounted for 51.0% its gross written premium in 2012.

The Trinidad and Tobagonian insurance industry is one of the leading insurance industries in the Caribbean region, in terms of penetration of GDP. Both domestic and foreign insurance companies have a presence in the country´s industry. The liberalization policy of Trinidad and Tobago with fewer regulations means that the country is open to foreign insurance companies.

The rise in real estate activities, growth in the automobile sector and rising healthcare expenditure supported the growth of the Trinidad and Tobagonian insurance industry over the review period. Annuity and unit-linked insurance products accounted for a major share of the Trinidad and Tobago life insurance segment and also played a major role in driving growth in the segment during the review period.

The Trinidad and Tobago population is more inclined towards life insurance products which provide wealth management services. The growth of the country´s non-life insurance segment was primarily supported by growth in property and motor insurance, the two largest categories in the segment.

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